Stocks: 5 things to know before the open

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We're watching all things auto-related Wednesday, from scandal fallout and luxury brands to the price of oil.

U.S. stock futures are edging higher, and global markets are firm.

Here are the five things you need to know before the opening bell rings in New York:

1. Car crash: Volkswagen (VLKAY) shares are plunging again, this time after the company said it had understated CO2 emissions and fuel usage for about 800,000 vehicles. It said most, but not all, of the cars affected have diesel engines. That news broke the day after VW disputed a claim by U.S. regulators that the diesel emissions scandal had spread to some Porsche Cayenne models.

Takata (TKTDY) shares closed down over 13% after Honda (HMC) announced it was dumping its longtime supplier over its deadly airbags. Takata is also facing fines of as much as $200 million in the U.S. over the exploding airbags.

Bucking the trend, Hyundai (HYMTF) closed higher in Korea after the car maker announced it is launching a global luxury brand called Genesis.

Related: Fear & Greed Index

2. More market movers -- Japan Post, Burberry, Tesla: Japan Post Holdings surged 26% after its mega IPO, which also saw its banking and insurance subsidiaries go public. It helped Japan's Nikkei index rise over 1%.

In London, Burberry (BBRYF) shares are up after it announced it is combining its brands under a single Burberry label. It also announced it's investing $77 million in a new factory for its trademark trench coats.

Tesla (TSLA)shares shot up more than 11% in after hours trading. The electric car company reported revenue below expectations but said there is "growing demand" for energy-storing batteries and its vehicles. CEO Elon Musk said the company is poised for a banner year in 2016.

3. Earnings: Allergan (AGN), 21st Century Fox (FOX), Sodastream (SODA), Wendy's (WEN) and CNN's parent company, Time Warner (TWX), report before the bell.

After the close Facebook (FB), King Digital (KING), BlackRock (BLK), Qualcomm (QCOM), Whole Foods (WFM) and cyber security firms AVG Tech (AVG) and FireEye (FEYE) will post their earnings.

Related: CNNMoney's Tech30

4. Economics: Markets will be keeping a close eye on oil prices as U.S. crude inventory data will be published at 10.30 a.m. Last week inventories increased more than analysts predicted.

The ADP will post its non-farm private employment report for October.

5. Stock market overview: European markets are up in early trading, while Asian markets ended with solid gains. The Dow Jones industrial average grew by 0.5%, while the S&P 500 gained 0.3% and the Nasdaq edged up 0.4%.

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